Tag: Steve Hafen
ADT to acquire Devcon Security for $148 million
July 31, 2013Tess Nacelewicz
BOCA RATON, Fla.—The ADT Corp. announced this morning that it plans to acquire Devcon Security from Golden Gate Capital for $148.5 million. The deal—ADT's first major acquisition since spinning off from Tyco International last fall—brings 117,000 accounts and $3.6 million of RMR. The transaction is expected to close in early August, Naren Gursahaney, ADT CEO, said during an investor call today.
Don Boerema, chief corporate development officer for ADT, which is based here,...
Latest change for Devcon welcomed
July 31, 2013Tess Nacelewicz
HOLLYWOOD, Fla.— Devcon Security has undergone dramatic changes in the past few years: a rapid expansion, then an even faster downsizing and also a management shake-up. Now, an even bigger change—ADT's announcement today that it has signed a deal to acquire Devcon for $148.5 million—is a welcome one, Devcon CEO Steve Hafen told Security Systems News.“It is great news,” Hafen said. “It's a good development for Devcon and I'm excited about it.”When asked what...
Devcon Security on the block?
November 14, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—Devcon Security, a super-regional based here that has been rapidly downsizing this year after a period of aggressive expansion, could soon be up for sale.Devcon was acquired by San Francisco-based Golden Gate Capital in 2009. Now, according to a statement that Steve Hafen, Devcon's new CEO, provided to Security Systems News, Golden Gate is looking at the possibility of selling the company.“Due to favorable current market conditions and extensive interest by third parties,...
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Devcon's new operations center to shut its doors in September
August 8, 2012Tess Nacelewicz
I reported this summer that Devcon Security, a Hollywood, Fla.-based super-regional, was planning to shut down its new 23,000-square-foot national operations center in Irving, Texas by the end of the year.
Now it appears the closing will take place next month. Devcon plans to close the facility Sept. 5, laying off 197 employees, according to a report this week by the Dallas Business Journal. The facility opened in February 2011.
CEO Steve Hafen previously told me that closing the center was part...
Devcon closing more branches
July 11, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—Devcon Security—a super-regional based here that grew to a national player in the past year and a half—is downsizing to reduce expenses and strengthen the company's finances for future profitability and growth, according to Devcon's new CEO, Steve Hafen.Among the changes will be a winding down by the end of the year of operations at Devcon's new 23,000-square-foot national operations center in Irving, Texas, Hafen said.“Devcon has experienced many changes over...
Devcon moves to 'streamline,' 'trim' after rapid growth
April 11, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—After a rapid expansion during the past 18 months, Devcon Security is streamlining its business but is still planning to grow nationwide, according to the company's new CEO, Steve Hafen.“We went through a period of rapid growth at Devcon, most of which was very positive, and now have looked at ways to streamline and trim so the business functions at its highest level,” Hafen told Security Systems News in an email interview. “We believe this strategy is in line...
Shake-up at Devcon: Hafen replaces Ginsburg as CEO
March 21, 2012Tess Nacelewicz
HOLLYWOOD, Fla.—Devcon Security has a new CEO—its second one in about three weeks.
Golden Gate Capital, which owns Devcon Security, announced this week that Steve Hafen, formerly COO at Pinnacle Security, is now CEO of Devcon, a super-regional based here.
The announcement is a dramatic reversal of one Golden Gate made on Feb. 29, in which it announced that former Protection 1 CEO Richard Ginsburg had been chosen as Devcon's new CEO.
The news release Devcon issued announcing...
Pinnacle touts change in organizational culture
December 16, 2010Tess Nacelewicz
OREM, Utah—Pinnacle Security COO Steve Hafen said Pinnacle has designated 2011 as “the year of the customer.”
He said everyone in the summer-model company—even, say, an employee in the accounting department—will explore ways to increase customer satisfaction.
Hafen told Security Systems News this month that being more customer-focused is just one of the efforts that Pinnacle, which is based here, has been making to improve its image, which Hafen said has been “unfairly...